WeVote
Log In

Bill

Bill

A 8493

Expands eligibility for the low interest rate program of the state of New York mortgage agency

2025 Regular Session Introduced by Phil Steck

Expands eligibility for the New York Mortgage Agency's low-interest-rate mortgage program, broadening access for more homebuyers and lenders.

REFERRED TO BANKS
0
WeVote Research Nonpartisan
Bill Summary · A 8493

Legislative Summary: Assembly Bill A 8493

Overview

  • Bill number: A 8493
  • Title: Expands eligibility for the low interest rate program of the state of New York Mortgage Agency
  • Sponsor: Phil Steck (primary)
  • Status: REFERRED TO BANKS
  • Introduced: May 20, 2025

Purpose and Intent

  • The bill aims to expand who is eligible to participate in the New York Mortgage Agency’s (NY Mortgage Agency) low-interest-rate mortgage program. The explicit objective is to broaden access to affordable financing for homebuyers under the agency’s existing program.

Key Provisions

  • The provided materials confirm only the broad aim of expanding eligibility. Specific changes to eligibility criteria (e.g., income thresholds, borrower types, property types, geographic eligibility, loan limits, or program requirements) are not detailed in the summary available here.
  • If enacted, the bill would modify the statutory criteria governing eligibility for the NY Mortgage Agency’s low-interest-rate program and potentially impact underwriting, funding, and oversight related to the program.

Note: The text of the bill would be needed to enumerate the exact criteria changes, any associated funding provisions, and oversight mechanisms.

Affected Parties

  • Potential homebuyers who would qualify under the expanded eligibility requirements.
  • Lenders and mortgage lenders participating in or facilitating NY Mortgage Agency programs.
  • The NY Mortgage Agency (administrative program operations) and its partners.

Procedural and Timeline Aspects

  • Introduced on May 20, 2025.
  • Referenced as “REFERRED TO BANKS,” indicating committee consideration by the Senate/Assembly banking or financial services committee (as appropriate to the chamber’s structure).
  • The bill has related and companion forms in prior sessions, suggesting ongoing interest in refining eligibility for the program.

Related and Companion Measures

  • Related Senate bills from prior sessions: S 665, S 7936, S 652, S 2701, S 6232, S 935.
  • Companion: S 3190 (listed as a companion in prior sessions).

What to Watch

  • The exact expansions to eligibility will be in the bill’s text. Key items to review upon availability:
    • What new groups or borrower characteristics would be eligible (e.g., income limits, first-time buyer status, veteran status, household size).
    • Any changes to loan terms, down payment requirements, or credit score standards.
    • Funding or budgetary implications for the NY Mortgage Agency.
    • Implementation timelines and any required rulemaking or regulatory changes.

This summary reflects the information provided. A full read of the bill text will clarify the precise changes to eligibility and any associated program requirements.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.